Challenger Gold Limited
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Market insights
CEL Challenger - Waiting to buyHello,
For this stock we have seen a recent break of a downward channel from 2016. volume confirms that this break is real and looks to be the reversal of a long downtrend. however the stock has gone up 500% since Aug 2019. Now the market will come back to test the breakout and potentially lower. shake out of weak hands/fomo buyers etc.
from the analysis we have been stopped at the 50fib and at resistance high from early 2016, it also coincides with a 1.27 extension from that 2016 resistance. RSI is very high showing it is overbought and this has been on a tear since mid 2019.
I marked a big accumulation zone however I don't believe we will break below the 61.8 at .095 (52% drop in price from here). I will start to accumulate some between .125 and .095. this channel that we broke will now be strong support, it coincides with 50%&61.8% retracements of this leg and the daily 50 moving average is there too - so it is a very strong support area. If we do not hold that area we can see a retest of the lows at .02 (but I am doubtful of this low)
I put the upside targets in the medium term in yellow
Lots of these small miners have broken out but the market will give us a chance if we are patient to buy them lower. I have posted other charts sharing that the gold price/silver is looking to pull back. The big cap miners already showed a pull back and that is usually indicative of a drop in the spot prices of gold/silver.
I will be posting several charts on small cap miners and I plan to trade them during the next two years, it should be an amazing time for gold and silver and the miners which should see spectacular gains.
Thankyou
$CEL:ASX - CHALLENGER EXPLORATION - Up 300% over the last yearChallenger is looking pretty good with a bit of a pullback and resumption of upward movement. Demand is strong with 81 buyers for 8,337,679 units vs 24 sellers for 1,690,024 units. Could be worth a watch.
Challenger Exploration Ltd. is an oil and gas exploration company, which engages in the development and sale of hydrocarbons. It holds interest in the Cranemere project. The company was founded on January 23, 2007 and is headquartered in Melbourne, Australia.
CEL could have some bullish movements soonChallenger Explorations Limited are looking like they are siting in a short term bottom
Fundamentals.
South African Mining Minister has announced petroleum and gas mining are be given fast track approvals (shale gas mine application in south africa) following independent audit of SA's mining revenue found then well below where they should be ranked globally.
South Africa plans to move to 100 % clean energy in the coming years (solar, wind and nat. gas)
application for land is wedged between CHEVRON and SHELL claims in an area with high volume of GAS.
South American gold silver and copper mines are set to begin drilling and should be close to revenue making stage of the mines in question (mines acquired in company take overs ((i believe in an attempt to create revenue as they are waiting for South Africa gas mine to kick off)).)
experienced and very knowledgeable team including the VC who has had a lot of experience funding mining companies in the passed.
Technicals
nothing much to look at here, in a nice triangle at the moment so a break out is imminent, volume decreasing through pattern as reinforcement of this theory. Massive volume spike with little to no movement on the price action shows this is a level of Highest liquidity and will often indicate levels where smart money is accumulating positions.
I'm Long on this one pending rev from south america and approval of South Africa's gas mine permit.
TP will ensue if price starts moving north bound!
I am of the opinion that we may be poised for a global, i doubt i will be holding a position in anything if that is the case.
DYOR
not a financial advisor
good luck ladies and gentlemen
happy trading.
